Stage Details

Legislation -
Bill Passed
(House)
(246-188) -
April 5, 1995(Key vote)

Vote Result

Yea Votes

Nay Votes

Vote to pass a bill that cuts personal and business taxes by $189 billion over 5 years.

Highlights:

Provides a $500 per child tax credit for families earning under $200,000.

Decreases the "marriage penalty" in the Federal tax code.

Increases to $750,000 the threshold at which assets are not subject to estate and gift taxes.

Establishes a new type of individual retirement plans (IRAs) called the "American Dream Savings Account" that allows individuals to invest up to $2,000 per year or compensation equal to an individual's gross income for a taxable year, whichever is less.

Allows individuals to withdraw funds from American Dream Savings accounts for first-time home purchases, education expenses, and emergency medical expenses.